News

Kislak Sells 310-Unit Laurel Manor in Delaware County, PA

S.V.P. Matt Weilheimer Handles Exclusive Sale

Woodbridge, N.J., May 7, 2019 – The Kislak Company, Inc. announced the recent sale of Laurel Manor, a 310-unit apartment complex, located in Secane, a community in Upper Darby Township, Pennsylvania, for an undisclosed price. Kislak marketed the property on an exclusive basis with senior vice president Matt Weilheimer handling the assignment and procuring the purchaser, with advisement from East Hill Realty.

The property was constructed in the early 1960s and the offering provided a value-add opportunity to increase rents by completing interior and exterior upgrades.

“Laurel Manor is a special property given its accessibility to mass transit,” said Mr. Weilheimer. “It is only a 25-minute train ride to 30th Street Station in Philadelphia. Given that and the value-add opportunity that the property offered, we received more than 15 bids during our marketing of the property from a variety of interested parties with aggressive terms. The purchaser will begin a renovation of the exterior and interior of the property and anticipates holding Laurel Manor long term.”

Laurel Manor is situated on three separate parcels of land adjacent to a SEPTA station. The property has historically high occupancy rates over 98 percent and was 100 percent pre-leased at the time of closing. Sixty percent of the units have two bedrooms and the vast majority of units have semi-private entrances.

The property is located in a stable residential neighborhood minutes from parks, shopping, restaurants and houses of worship.

Mr. Weilheimer joined Kislak in 1996 and is consistently among the firm’s leading salespeople. He specializes in the sale of apartment buildings, REO assets and other investment properties in New Jersey, New York, Delaware and Pennsylvania. Mr. Weilheimer has won numerous sales production awards including the firm’s 2010 and 2015 Production awards.

About The Kislak Company, Inc.

The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.

Now in its 113th year, Kislak was among a select group of firms recognized as a 2018 Power Broker by CoStar Group, Inc. and this was the firm’s thirteenth consecutive recognition.